The money that is received by a settlement agent for an escrow transaction is not the property of the settlement agent and is not subject to execution, attachment, or other form of collection for a claim against the settlement agent. Escrow money may not be used for a purpose other than to fulfill the terms of the escrow transaction agreement.
AS 34.80.010
Characterization of escrow money
Known as the Good Funds Act
The act spans §§ 34–34 (7 sections).
Official source: Alaska State Legislature. Reproduced from public-domain Alaska statutes; confirm against the official source for the current text. Not legal advice.